A bunch of rumors about CVX park being sold and everyone who is still surviving moving to Houston! Any truth to this?
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This is a.prelude to more overtures with Exxon. Those in California who do not move will likely be left behind with upper management in the takeover.
Assuming the rumor is true this time, CVX could always sell and lease back.
We could get close to $400 million for the property. MW can’t resist the cash.
Chevron Park is prime real estate in amazing condition. I believe it runs on hydrogen power. It will sell fast and this is the perfect time to sell before tech dips.
Fakexnews
Good job California, yet another giant corporation fleeing the state.
guess it was true this time. LOL
About time the old place was sold and pulled down. Last time I was there it's like being in a 1970s buildings.
Rumor - there was talk last year that Google was going to move into Chevron Park.
So if everyone who is relo-eligible decides to stay in SR, nothing really changes. Nobody moves. They did this years ago with IT in SR. They made them sign a piece of paper that gave them 2 years to move to Houston. Some did and some found better jobs elsewhere.
They already told us this morning that there won’t be any severance. If your job is one that is relo-eligible, the. Your choice will be either to stay in SR in leased space or move to Houston. Sounds like one of the relo education sessions will focus on retirement, but someone specifically asked about severance and we were told NOPE. So if you retire, it’s gonna be a routine retirement (no extra incentives). Wish they would have told us this in 2020 so more ofnus could have taken the package and also benefitted from low interest rates. Now we are doubly sc~~wed.
Upvote if you believe an EOI option is for SR employees.
Downvote if not.
Seems like everyone who posted this wouldn’t happen is out to lunch!!
Long overdue. Adios to the worm infested west coast.
@2ksr, wrong if you consider the numbers, not the concept. Live in a reasonable house, and your property tax (even if you don't endlessly protest it) is very manageable - if you live in outrageously overpriced and overtaxed California, we can't help you.
I would much rather pay income tax than property tax. I can manage my income in a zillion ways to have taxable income as low as I want, even zero. Impossible with property tax - no loopholes, and it seems to go up every year.
@1lwl, it’s true you’re going to pay the man one way or the other, but in California you’ll pay the man twice. Cali is not a business friendly place.
Hec Chevron still keeps offices for the prior top execs in San Francisco where our head quarters were until CHVPK was built in San Ramon in the early to mid Eighties. I don’t know if the company still does that now but they sure as hec did while I worked there.
And about CHVPK? that’s long since been paid off and property taxes are relatively low due to old prop 13. The CA legislature has been trying to circumvent that for well forever. They want more money. Time will only tell.
I lived in Houston as well and on a 500k home in Montgomery County I paid 12k a year in taxes. It’s half that in California. IF you can find a 500k home.
TX, no state income taxes... but them property taxes tho. You gonna pay the man one way or another.
@1rju+1gR7AZC4 Why would they do that now? It’s legal and safe. When it becomes illegal in Texas, it will be unsafe. I assume Chevron wants healthy employees that dont have to use shady back alley procedures?
What makes you think Chevron will be flying women around for abortions? Do we do that now?
Texas will target companies and jail their CEOs if they fly women out of state for reproductive healthcare. So best to hold your horses.
I can’t think of any significant technical talent in SR. Mostly it is managers and service drones - IT, accounting, etc.
Whoever thinks Denver has comparable climate to SR is smoking something.
Sell it…. SELL IT ALL and move on down to Houston fast. Lower cost of running a business here and no State income taxes. We don’t have earthquakes either.
Could they move HQ to Denver? State and Income taxes are half that of CA, weather is comparable, minus the risk of earthquakes, hurricanes, and tornadoes. Noble assets to move into?
Hopefully, they do not sell San Ramon campus as collaboration is still important on our hybrid schedules while we learn the new business model. With all the employees who have left Chevron since 2020 there might be too much space for those remaining. With Buildings L and T emptied they may want to consider either leasing out or selling just those buildings (and include Blg K) on that side of the campus only . Moving those remaining in San Ramon to Houston is not going to help Chevron’s current talent problem. Most in San Ramon are there as they have chosen to keep their careers in CA. We have already lost too many talented people with more to come in 2022. If they move HQ to Texas it will impact our shareholders significantly. Chevron knows being a CA based energy company with interest in renewables (ie REG) is what sets us apart in growing and retaining talent.
Umm, at last count there were about 3500 staff in SR campus.
Chevron execs and their wives enjoy the Berkeley and Stanford wine-and-cheese crowd too much to move to cowboy Houston. Right now all you have in SR is executive management and support staff.
I doubt Chevron has any agreement with any government to stay there. The only reason to do that would be to get property tax abatements which the government has no reason to offer and would not be material to Chevron any case. So, this myth is busted. Even if true, Chevron could sell and pay the back taxes no sweat.
This is rumor and just idle gossip as Chevron has an agreement with Contra Costa county and the city government of San Ramon for the offices to stay there until at least 2030. Now, the agreement doesn’t specify how many employees must be at headquarters, so they could move everyone except the top five and their assistants, but the official headquarters will be San Ramon until 2030.
It makes all the sense in the world, it the executive committee always turns it down. They like it out here!
This could be the last window for a strong sale as more California companies shift to work from home full tie. And dump offices.
This rumor has surfaced about every 3 years for the last 30 years. No reason to think it's true this time.